The 70s Oil Crisis

>>2423627
They ran out of gas.

>>2423627
No Gas

Maybe just a propaganda not to scare Jews to get in..

>>2423627
Overdependence on foreign oil and that foreign oil decided it was going to hit the U.S. where it hurt as a reaction to the U.S. meddling in their affairs. Carter's reaction was: "We'll just suck it up." Reagan's reaction was: "Fuck that, we live under a sea of oil and so do our neighbors.' Either way, a powerful lesson was learned and the result is that most U.S. oil consumption comes from U.S. oil and the vast majority of the rest comes from Mexico and Canada.

>>2423627
>1973
arab oil embargo
>1979
iranian revolution

its actually says gay and not gas
so no fgt sorry guys. youll have to leave the thread

>>2423627
fed printed too much money

>>2423648
>Reagan's reaction was: "Fuck that, we live under a sea of oil and so do our neighbors.'

Except that those oil deposits had yet to be discovered and oil is traded on a global market.

>>2423658
this is the right answer.

Goatfuckers got buttmad after losing the yom kippur war.

>>2423627
No gas

>>2423627
The real question is, why the fuck people didn't get their asses in gear to find an alternative after the second crisis!?

>>2424233
Idk

>>2424233
no gas

>>2424233

They did but the technology wasn't ready just like today

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>>2423627
>What the hell happened?

It was a different kinda oil market back then, where producer countries (i.e. the MidEast) sold directly to consumer countries (America) and if the consumer country pissed off the producer countries, (by supporting Israel for no fucking reason at all…) they could simply shut off the tap and leave you high and dry.

Nowadays, all oil is bought and sold on a global market, so the OPEC nations can’t screw anybody over without screwing everybody over.

the markets weren't free enough

>>2424233

>in gear

no gas

>>2423904
Wrong. The oil under the oil patch states had been known about for decades. It was just cheaper to import from OPEC countries and the foresight of consequence was lost.

>>2423648
lolwat. You can hate on Jimmy Carter all you want, but the oil crisis had been going on before he even got to office...

>>2426708
it's more to do with the fact that a large proportion of the Oil deposits were not conventional reservoirs meaning you had to spend a lot of resources and capital to actually drill and sell that oil, and not necessarily at profit margins that would justify their exploitation.

>>2426781
True, never claimed it didn't. The reality is that Carter did fuck all about it and instead said "Suck it up and put on a sweater" instead of "Yeah, no, we can change this and we will change it."

>>2426797
So... cheaper to import from OPEC countries. Thanks.

>>2424233

Oil corporations bought the rights to any burgeoning technology that threatened oil dependence and buried them.

>>2426034
>the markets weren't free enough
The markets were too free. It was cheaper to buy oil from OPEC so we bought oil from OPEC. American oil workers expect better wages, driving up the cost of American oil.

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>>2423627
Keynesians don't understand economics.

>>2426950
No one understands economics, Keynesians are just honest about it.

>>2426946
it's not about the cost of the workers you mong. The technology people use to extract oil from the midwest requires a lot of capital to get started. As the price of oil was down, there was very little reason to actually invest in the economic exploitation of US reservoirs.

>>2426943
it's more like
>you can generate energy from a variety of different renewable sources but can't actually store them because batteries are expensive as fuck.

>>2423627
>Isreal and the rest of the Middle east have a pissing contest
>U.S is a good goy and supports Israel
>Arabs raise their oil prices

>>2426974
Just before his death in 1946, Keynes told Henry Clay, a professor of social economics and advisor to the Bank of England[67] of his hopes that Adam Smith's 'invisible hand' can help Britain out of the economic hole it is in: "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago."[68]
https://en.m.wikipedia.org/wiki/John_Maynard_Keynes

>>2428706
So does that mean he lost faith in his own idea?

>>2430320
New heavens, new earths. Apparently he contributed to his generation's heavenly zeitgeist.

>>2423627
Somebody pls shoop a Y in there

>>2430361
Guys at /pol/ r gonna luv it lmao!!!!1

>>2430361
"No gasy"? What the hell does that mean

>>2430340
Zeitgeist?

>>2426034
kek

>>2430361

"YSYOYRYRY YNYOY YGYAYSY"

literally the jews

>>2423648
>we live under a sea of oil
SUBTERRANEAN LIZARD POLITICIANS CONFIRMED

>>2426855
>The reality is that Carter did fuck all about it and instead said "Suck it up and put on a sweater" instead of "Yeah, no, we can change this and we will change it."
>the reality

You meant your shitposting meme-filled "brain's" reality

>>2433517
>reality is memes now
Carter literally said "Put on a sweater," because he wasn't willing to do anything about it. Reagan flipped the script and led to the 1980's oil glut. What universe do you live in where this did not happen?